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Renatus’ Weekly M&A Newsletter – 03/05/2020
May 5, 2020
Renatus’ Weekly M&A Newsletter – 31/05/2020
May 31, 2020
May 18, 2020

CapVest acquires meat supplier M&M Walshe, Paragon Group acquires two companies, Opening.io acquired by iCIMS Inc, Medray acquires Carestream UK business, Ameresco acquires Beale Hill Wind Farm & much more in this week's Renatus M&A Newsletter.

Renatus Private Equity Dublin, Ireland

Dear Reader,

You are receiving this mail every week as we see you as a key partner and we look forward to continuing to enjoy our journey with you over the decades ahead.

Please find below this week’s newsletter covering the latest M&A, company performance, fundraisings and executive moves.

M&A ACTIVITY

CapVest acquires meat supplier M&M Walshe

Deal Details: London-based private equity company CapVest, founded by Cavan man Seamus Fitzpatrick, has acquired Tipperary meat supplier M&M Walshe for an undisclosed sum.

M&M Walshe has three trading arms: RibWorld, Callan Bacon and Stirchley Bacon. The company employs c. 550 staff between three sites in Tipperary, Kilkenny and one in the UK. In April 2019, M&M Walshe, revenue of c. €113.7m and a reported profit before tax of c. €655k. With add-backs, EBITDA is likely higher.

CapVest, founded in 1999, and is a leading mid-market private equity firm in the UK. The company’s investment strategy is focused on identifying and managing companies supplying essential goods and services.

Advisers: Deloitte Corporate Finance Partners Ronan Murray and Jan Fitzell were the vendor’s Corporate Finance advisers on the sale process. ByrneWallace, led by Eamonn Carey, advised the vendor on legals.

Renatus Comment: This acquisition will add to CapVest’ s already strong presence within the consumer foods space and will be integrated into the Eighty Fifty Food Group, owned by CapVest, and comprises Karro Food Group and Young’s Seafood. Karro Food Group is a meat processing business which CapVest acquired back in 2017 and Young’s Seafood was acquired last year. With all three companies combined, the Eighty Fifty Food Group is expected to generate sales of c. £1.4bn and will employ more than 7,500 people across 19 sites in Ireland and the UK.

CapVest also owns a majority stake in giant food producer group Valeo Foods.

Source: The Irish Times

Paragon Group acquires two companies

Deal Details: Paragon Group has this week acquired two UK-based companies: ZenOffice and Office Team.

Paragon Group is a world leading provider of customer communications, identification, graphics and business services.

OfficeTeam is a business services company providing a blue-chip client base with office and facilities supplies, furniture, print management, workwear & PPE, etc. In FY Dec’ 18 the business reported turnover of £131.7m and EBITDA of £3.0m.

ZenOffice is a similar company focused on the SME space providing managed print services (MPS), mail & fulfilment, signage & exhibition, workwear & PPE and business interiors. In FY Dec’ 18 the business reported turnover of £15.0m and EBITDA of £0.9m.

Advisers: None mentioned.

Renatus Comment: Paragon’s growth over the past decade has been exceptional under the leadership and majority ownership of Patrick Crean since 1998. He previously held the position of Group COO with Adare Group and held various positions with Clondalkin Group during the 1980’s.

In December 2010 the Paragon Group Ltd reported revenues of £128m and EBITDA of £6.6m and is now on a June 2020 run-rate of c. £1.1bn revenue and c. £95.7m EBITDA. A major contributor to this growth has been an ambitious M&A strategy with the group continuously bolting-on new capabilities, new locations and successfully integrating them. These acquisitions appear to be clever additions. The two businesses provide very similar services to separate ends of the market (large enterprises and SME) which together will cover the whole spectrum of business size. Together, synergies will likely be achieved and their offering will be enhanced by being a part of the Paragon Group structure.

Source: Paragon Group Press Release

Opening.io acquired by iCIMS Inc

Deal Details: Dublin-based Opening.io has been acquired by iCIMS Inc. for an undisclosed sum.

Opening.io has developed a software platform that can be tailored for customers, typically large enterprises, which helps them identify, target and hire individuals more effectively.  Their platform leverages machine intelligence on top of existing large-scale recruitment processes. Capabilities include matching & ranking of candidates in relation to jobs, skills inference, and recommendations, CV summarizing, salary recommendations, parsing, and analysis of resumes.

iCIMS is a leading cloud platform for recruitment with thousands of customers in North America.  iCIMS enables companies to manage and scale their recruiting programs with an end-to-end talent acquisition platform and an ecosystem of nearly 300 integrated partners.

In conjunction with the acquisition, the pair launched iCIMS Talent Logic, a new product combining the companies’ tools. The product’s objectives are shorter times to hire, lower costs to hire, and identification of the best talent to build workforces.

Advisers: Alan Kelly and team at Focus Capital advised Opening.io on the financials and Gar Smyth of Wallace Corporate Councel on the legals.

Renatus Comment: Large scale enterprises are increasingly hiring candidates with a global rather than local view, accepting applicants from all over the world for roles in offices around the world. With traditional manually intensive processes, these tasks would be extremely expensive and time consuming which creates a real need for products such as this.

Separately, this acquisition is a great result for initiatives such as Dogpatch Labs, Enterprise Ireland and the NDRC who all supported Opening.io on its journey to date. It is further validation that these initiatives produce results and is evidence of how vital they are for promoting entrepreneurship in this country.

Source: Opening.io Press Release

Ameresco acquires Beale Hill Wind Farm

Deal Details: Ameresco is a North American renewable energy company who have this week acquired the Beale Hill Wind Farm in Co. Kerry for an undisclosed sum from First Electric.

This transaction marks Ameresco’s first project outside of North America. The wind farm has in place a power purchase agreement (PPA) for selling its output directly into the local utility network.

Advisers: An LK Shields team comprised of Seanna Mulrean, Philip Daly, Jamie Ritchie and Elaine O’Connor advised Ameresco on the transaction.

Renatus Comment: There are currently 368 wind farms on the island of Ireland and in 2017 wind power comprised 25% of our total energy generation. Green initiatives and energy efficiency are at the forefront once more in the current political climate and are an ever-increasing part of the nation’s psyche. As such, we should expect to see increased green energy capacity through new builds and an increased volume of secondary market transactions such as this.

Source: Ameresco Press Release, LK Shields Announcement

Medray acquires Carestream UK business

Deal Details: Medray Imaging Systems has acquired Carestream’s Medical Imaging business in the UK.

Medray Imaging Systems is one of the largest medical imaging supply and servicing companies in Ireland and was acquired by Erisberg last year. Medray will now become Carestream’s exclusive distributor for sales and service in both Ireland and the UK.

Carestream is a leading global provider of healthcare imaging equipment and has also been a long-time supplier to Medray in Ireland.

Advisers: None mentioned

Source: Irish Independent

Deals in the Making

Livingbridge leads chase to invest in Chill Insurance

It is reported that a number of private equity investors are eyeing up a potential investment in Chill Insurance, as the company enters the final stages of a strategic review which was sanctioned last year to explore a number of options to fund its future growth ambitions. It is believed that Livingbridge are the front-runners.

Chill Insurance is one of Ireland’s best-known insurance brokers and is owned by brothers Padraig and Seamus Lynch. The brothers hired the investment bank KBW to carry out a strategic review last year with options reported to include a trade sale, private equity investment or other financing options.

Livingbridge is a leading British private equity firm with a track record in the insurance industry. The company invests in companies with a value of up to £200m (€224m).

Source: The Sunday Times

Private equity firms lining up to takeover IPL Plastics

It is reported that three private equity firms have made bids for Irish-Canadian company IPL Plastics. Any sale if it were to happen would open the door for an exit to Irish shareholders in the company including businessman Larry Goodman.

IPL is a leading packaging provider that partners with customers to deliver sustainable solutions to the food, consumer, agricultural, logistics and environmental end-markets. The company has 14 manufacturing facilities with over 400 molding machines.

It is understood that the three private equity firms that have made bids are: CapVest – a London-based fund led by Cavan man Seamus Fitzpatrick; Madison Dearborn – an American private equity firm known for its investment in the Jefferson Smurfit Group in 2002; Apollo – another American private equity giant that was founded in 1990 by Leon Black.

Source: Irish Independent

Other News

ESB and Harmony Solar Joint Venture

The ESB and Harmony Solar have committed an initial €30m to building solar power plants in Ireland.
Plants in Wicklow and Kildare will be initially developed with a target of 1,000MW capacity, enough to power an estimated 230,000 homes. This venture is part of the ESB’s wider ambition of pivoting away from fossil fuels and developing renewable electricity generation projects of scale.

Harmony Solar Ireland Limited is a fully Irish-owned Renewable Energy company located in Wexford that is acquiring surface rights, project rights and lease rights for the development of Solar Farm installations using Photovoltaic Technology (PV) in Ireland.

James Delahunt of KPMG advised Harmony Solar throughout this process.

Source: The Irish Times

COMPANY PERFORMANCE

EBITDA  is an accounting term and is often the best indicator of profitability in non-capital-intensive businesses before financing and tax are considered. In capital-intensive businesses EBIT or EBITDA less average Capital Expenditure are often better measures. YoY is an acronym for the year-on-year movement in turnover, EBITDA, etc.

Findlater Hotels Limited, which trades as the Castle Collection, is a Dublin-based Irish-owned hotel group. The group includes seven properties located in Ireland, Scotland and Wales.

In its latest financial year, the company saw revenue increase by 11.8% to c. €13.8m while EBITDA was down 21.3% to c. €2.2m.

The Dublin-based group added to its collection in FY19 when it purchased the 72-bedroom Scotland Spa Hotel in Pitlochry from the Crerar Hotel Group.

The company is 100% owned by Fionn MacCumhaill.

Nicholl Oil is one of Ireland’s largest independent oil distributors. The business is owned by Loreen and Hugh Nicholl and has been trading for over 50 years.

Nicholl has a number of subsidiaries and accounts reflect group activities. For FY19, revenue increased by 23.3% to c. £349.0m while EBITDA increased by 3.1% to c. £3.1m. The business boasts an extremely strong balance sheet with effectively no long term loans and a c. £14.3m overdraft against a c. £43.3m cash balance which increased by c. £3.0m Y-o-Y.

Nicholl’s working capital requirement is heavily dependent on the movement in oil prices. The recent downward trend in global prices will surely be welcomed by the business.

Irish Pioner Works specialise in steel fabrication and galvanising.  The company operates from its 5 acre premises in Cork and servcies a range of clients in both the public and private sectors.

In its financial year to March 2019, revenue increased by 8.6% Y-o-Y to €13.2m while EBITDA decreased by 17.5% to €1.3m. This was driven by gross margins moving from 25% in FY18 to 22% this year. Cash increased by c. €330k to stand at c. €2.8m.

Staff numbers at the company have almost doubled since 2014 and they now employ 96 people. Financials have followed a similar pattern in what appears to have been a great period for the business.

RECENT FUNDRAISINGS

Who: Co Fermanagh gin distillery Boatyard Distillery, founded by Joe McGirr in 2016, has secured investment.

What: £634,000 (€710,600) comes through private investors in the HBAN and Co-Fund II.

Why: The purpose of funding was not disclosed however it is believed to be used towards expansion.

Source: Belfast Telegraph

Who: WorkVivo, Cork-based employee communications software company founded by John Goulding and Joe Lennon, has raised funding.

What: $16m (€14.7m) Series A funding round was led by US investment firm Tiger Global Management, which recently closed on a new $3.75bn private-equity fund. Dublin’s Frontline Ventures and Enterprise Ireland also participated.

Why: The funds will be used for expansion and product development.

Source: Irish Times

Who: Echelon Data Centres, a developer, operator and owner of a network of large-scale data centre campuses across Europe, has closed a capital raise.

What: €1bn investment program is backed by Pioneer Point Partners and Davidson Kempner European Partners. Echelon was advised by Rubicon Capital Advisors.

Why: The investment will cover the costs of Echelon’s planned infrastructure and renewable energy projects. These projects will be used to support Echelon’s 184MW IT load across its two locations in Ireland.

Source: Rubicon Capital Advisors

Who: Trinity Reliant Ventures Ltd parent company Artelo Biosciences Inc, a San Diego-based biopharmaceutical company, has been granted a US patent and received funding.

What: $4.2m (€3.89m) grant comes from the Cancer Institute of America into Stony Brook University in New York.

Why: The use of the funds was not disclosed however it is believed to be used for research and development.

Source: Artelo Press Release

Who: Irish video game specialist Keyword Studios plans to raise funds via share issue.

What: The company is looking to raise £100m (€113.7m).

Why: The money will be used for acquiring smaller rivals left struggling by the Covid-19 crisis.

Source: Irish Times

Who: Irish community groups to avail of new fund.

What: €5m Innovate Together Fund is an initiative by Department of Rural and Community Development, supported by the Dormant Accounts Fund.

Why: The fund is to support innovative community organisations who are coming up with impactful solutions to the problems posed by the Covid-19 pandemic.

Source: Irish Examiner

Who: InterTradeIreland’s Seedcorn Competition offers cash prize funding.

What: Total cash prize award of €280,000 will be available to businesses located across Northern Ireland, Dublin, Munster, and Connacht & Leinster.
Closing date for initial applications is 1pm on the 29th May 2020.

Why: The competition is open to independent incorporated ventures in the Seed, Start-up or Early Stage of business development, and ideally targeting international markets.

Source: Irish Examiner

Who: Mirai Technologies, a cancer research company which has developed new methods of fighting cancer using “electroporation”, has received funding.

What: The amount of funding has not been disclosed but it is understood that the PJ Hegarty construction dynasty is among the funders as well as former CRH chief Myles Lee and former Ulster banker Steve Dalton.

Why: It has not been disclosed what the use of funds will be but it is understood to be for R&D.

Source: The Sunday Times

EXECUTIVE AND BOARD APPOINTMENTS

We in Renatus believe that more important than the deals are the people and we have teamed up with leaders in this field Korn Ferry to provide you with details of key recent executive and board level appointments.

David Lucas

Source: (Google Images & LinkedIn)


Shane O’Donovan

Source: (Google Images & LinkedIn)


Paul Farrell

Source: (Google Images & LinkedIn)


Paul O’Donnell

Source: (Google Images & LinkedIn)


Matthew Cahill

Source: (Google Images & LinkedIn)

THOUGHT FOR THE WEEK

It’s been a while since we checked the betting markets for what leaders are likely to gain or regain power.

The bookmakers are struggling to split Donald Trump and Joe Biden for the US race and it is a whisker away from a toss of a coin in probabilities with Trump marginal favourite at 10/11.

Regarding next Irish leader, the market suggests the following probabilities:

65% Micheal Martin

32% Leo Varadkar

3% Mary Lou McDonald

@RenatusCapital Tweets

4.5

The Ulster Bank’s purchasing managers’ index (PMI) for April 2020, the lowest since the survey began in 2000. A reading below 50 signals contraction.
@IrishTimesBiz

90.3%

The year-on-year drop in the new car registrations in Ireland for April 2020 amounting to 1933 new private cars licensed, according to @CSOIreland

80.3%

The year-on-year reduction in Northern Ireland’s footfall in all shopping locations for April 2020, according to retail experts Springboard. @BelTel

40%

The year-on-year increase in the number of available rental properties across Ireland as of May 1st 2020 amounting to 3,800 properties available for rent, according to Daft.ie. @IrishTimesBiz

56.7%

The year-on-year decrease in overseas travel to and from Ireland for March 2020 amounting to 635,000 arrivals and 602,100 departures, according to @CSOIreland

2%

The decline in the UK GDP for Q1 2020, the first official confirmation that the UK, including NI, is in the early stages of a recession, according to the Office for National Statistics. @BelTel

85%

The year-on-year drop in the number of flights handled by Irish airports for April 2020, according to the Irish Aviation Authority. @RTEbusiness.

3.3%

The year-on-year decrease in the agricultural price input while the output price index showed no change, for March 2020, according to @CSOIreland

0.1%

The year-on-year decrease in the consumer price index for April 2020 with the most notable changes in Communications (-8%) and Education (+4.1%), according to @CSOIreland

1%

The year-on-year increase in the Irish residential property price index for March 2020, according to @CSOIreland

ABOUT RENATUS

Renatus was established in 2014 by Mark Flood and Brendan Traynor to provide growth funding to growing Irish SMEs and to partner with ambitious management teams to help companies reach their full potential.
Renatus targets companies with sustainable earnings of €1m+ and valuations of €5m and above. Our typical solutions include:
  • Succession Planning
  • Management Buyouts / Buy-Ins
  • Funding for organic growth
  • Acquisition Funding; and
  • Share Sales
Management Partners
Business Owners

OUR INVESTMENTS

LEARN MORE…

Renatus’ Knowledge Centre

Our Knowledge Centre is filled with insights from some of Ireland’s top business leaders on Succession Planning, Management Buyouts / Buy-Ins, Growth Financing and much more.

Visit the Knowledge Centre

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    Adrian Stackpoole, Digital Marketing Associate

    • Adrian joined Renatus in 2018, initially as a Marketing Executive before moving into the role of Digital Marketing Associate. As part of his role, Adrian manages all the digital marketing aspects of Renatus as well as conducting digital research for portfolio companies.
    • Adrian holds with a BBS degree in Marketing and Entrepreneurship from the University of Limerick, as well as a Postgraduate degree from The Digital Marketing Institute.
    • Prior to joining Renatus, Adrian worked in New York with a start-up hospitality group, specalising in marketing and operations.
    TIERNAN O’HAGAN

    Tiernan O’Hagan, Associate

    • Tiernan recently joined Renatus Capital Partners as a Private Equity Associate. As part of his role, he researches and analyses the potential of new investments and acquisitions
    • Tiernan graduated with a B.Sc in business and law from DIT Aungier street & an MSc. in Entrepreneurship from Trinity College Dublin.
    • Previously worked with Capnua Corporate Finance for three months during a summer internship.
    • Tiernan is also in the process of sitting ACCA exams.
    Bronagh Kearns Renatus

    Bronagh Kearns, Associate

      • Bronagh recently joined Renatus as a Private Equity Associate. As part of her role, she will be researching and executing investment opportunities.
      • Bronagh holds a MSc in Quantitative Finance from UCD Michael Smurfit Business School and a BSc in Finance from University College Cork. Currently, Bronagh is in the process of obtaining the ACCA qualification.
      • Prior to joining Renatus, Bronagh worked as an Investment Banking Analyst in Rubicon Capital Advisors where she worked on M&A transactions on the execution side and financial modelling in the infrastructure sector. She also worked as an Investment Associate in River and Mercantile Solutions in London quantitatively screening different investment opportunities across all asset classes.
    Alan Manning Renatus

    Alan Manning, Associate

    • Alan joined Renatus Capital Partners in September 2021 as a Private Equity Associate. As part of his role, Alan researches and analyses potential investments and acquisitions.
    • Alan holds a B.Sc Finance from University College Cork.
    • Previously working in KPMG’s Consulting division, with the Financial Management Consulting team. During his time there he was engaged on a Finance Function Review for a European Travel Technology firm, and a review of the cash management strategy of an Irish Commercial Bank.
    • In the process of sitting ACCA exams.

    Conor Hall, Associate

    • Conor joined Renatus Capital Partners in June 2018 as a Private Equity Associate. As part of his role, Conor researches and analyses potential investments and acquisitions.
    • Conor holds an M.Sc. in Quantitative Finance from UCD Michael Smurfit Graduate Business School and a B.Sc. in Economics & Finance from UCD. He is currently working towards attaining the ACCA and CFA qualifications.
    • Prior to joining Renatus, Conor worked as an Analytics Analyst with Accenture, specialising in predictive modelling for fraud.

    Kyle Barry, Associate

    • Kyle joined Renatus Capital Partners in June 2016 as a Private Equity Associate. As part of Kyle’s role, he researches and analyses the potential of new investments and acquisitions.
    • Since joining, Kyle has worked on numerous transactions, including Simtech and Rennicks, and has worked with Renatus’ investee companies on a number of strategic projects.
    • Kyle holds an MSc. in Quantitative Finance (University College Dublin) and a BA Finance (Maynooth University). Currently, Kyle is in the process of completing the ACCA qualification.
    • Prior to joining Renatus, Kyle spent 15 months in Intel’s Finance department where he worked across the financial reporting, tax and capital financing teams.

    Philip Gardiner, Associate Director

    • Philip is an Associate Director with Renatus Capital Partners, having first joined the firm as its first employee in 2014.
    • Philip has responsibility for screening, assessment and structuring of new acquisitions.
    • He has worked on a number of transactions at Renatus including Boojum Mexican Restaurants and Simtech Aviation. Philip works actively with the boards of Boojum and Simtech Aviation.
    • Prior to joining Renatus, Philip spent four years in AIB’s corporate banking team where he worked on a mix of real estate and cash flow lending deals.
    • Philip is a member of the ACCA and holds an MSc. in Financial Services and a Bachelor in Business Studies, both from the University of Limerick.

    Jane Martin, Marketing and Administration Manager

    • Jane joined Renatus Capital Partners in June 2019 as a Marketing and Administration Manager. As part of Jane’s role, she writes the weekly newsletter, works on the CRM and looks after the admin and ad hoc tasks
    • Prior to joining Renatus, Jane worked as a Senior Account Manager in Mace Promotions where she worked closely with many SMEs as well as large corporations on their marketing projects

    Mark Flood, Director

    • Mark co-founded Renatus with Brendan Traynor in 2014. Prior to establishing Renatus, Mark spent seven years on the senior management team of the Racing Post in various operational and commercial roles. Before founding Renatus, Mark was Managing Director of the Racing Post’s Irish operation.
    • Prior to his career in the Racing Post, Mark was the first employee of FL Partners, an Irish based international private equity firm, where he was actively involved in over €300m worth of transactions.
    • Mark combines his financial, operational and commercial experience to bring value and energy to all partner companies.
    • Mark is a Chartered Accountant and holds a Bachelor of Commerce and Masters in Accounting from NUI Galway.

    Brendan Traynor, Director

    • Brendan is a co-founder of Renatus. Prior to establishing Renatus, he was a Director in BDO Corporate Finance specialising in M&A, MBO’s/MBI’s, debt and private equity fundraising across a diverse range of sectors and clients.
    • His career focus and passion is the Irish SME sector and his deal expertise covers sectors such as retail, manufacturing, FMCG, healthcare, avaiation, media, medical devices, food and agriculture, construction, and hotels and leisure.
    • Brendan is a Chartered Accountant and holds a Bachelor of Commerce from University College Dublin

    Conor Mehigan, Associate Director

    • Conor joined Renatus Capital Partners in 2021 as an Associate Director. Conor has responsibility for screening, assessment and structuring of new investments and acquisitions.
    • Prior to joining Renatus, Conor spent five years in IBI Corporate Finance specialising in M&A, debt and private equity fundraising for private and public companies across a range of sectors. Prior to his career in IBI Corporate Finance, Conor spent four years in Deloitte’s Corporate Finance Division, specialising in Transaction Services
    • Conor is a Chartered Accountant and holds a BSc in Finance from University College Cork

    Greg Dilger, Strategic Advisor

    • Greg Dilger is a former Executive Director of NCB Stockbrokers and Investec Wealth & Investment.
    • He is an investor and advisor to Renatus and brings years of relevant experience to our team.
    • Greg is also currently a Non-Executive Director of Brewin Dolphin Ireland.
    Patrick Dooley Renatus

    Patrick Dooley, Associate Director

    • Patrick joined Renatus in November 2022 as an Associate Director. Patrick has responsibility for screening, assessment and structuring of new investments and acquisitions.
    • Patrick previously held leading positions in Focus Capital Partners, PKF O’​Connor, Leddy & Holmes & EY.
    • Patrick is a charted accountant and holds a Bachelor of Accounting and Finance degree from DCU, along with a Masters degree in Accounting from TUD.

    John Dwyer, Chairman

    • John joined Renatus in 2018 as a Chairman. Prior to Renatus, John spent 30 years at PwC in the UK, 20 years as a Partner, John led the UK and Global Deals business at PwC and was an executive board member of the UK firm.
    • Prior to that, John led the UK and Global Private Equity business at PwC and worked with firms including 3i Group, Apax Partners, CVC Capital Partners and Cinven.
    • John is married to Natasha and they have three children. John works between Dublin and London and his charity work includes chairmanship of Irish Youth Foundation UK.
    • He is an advisor and Board member of Irish digital marketing firm Pigsback and media firm Racing Post.
    • John is a Chartered Accountant and holds a Bachelor of Commerce from UCD.